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Australia: Shares down as markets brace for Fed outcome

Tue, Dec 13, 2016 - 3:01 PM

PHOTO: BLOOMBERG NEWS

[SYDNEY] Australia shares stepped back on Tuesday as investors were wary before the Federal Reserve meeting, where it is expected to raise interest rates and provide a steer on future monetary policy in the wake of Republican Donald Trump's election win last month.

The S&P/ASX 200 index fell 17.8 points or 0.32 per cent to 5,545 at the close of trade, snapping five consecutive winning sessions.

Commodity firms and financials made up more than two-thirds of the losses on the index, offsetting gains from real estate and healthcare shares.

Miner Fortescue Metals fell 6 per cent for its biggest one-day slide in six months, pressured by falls in commodity prices.